德祥地产2025-2026中期报告

（於百慕達註冊成立之有限公司）股份代號：199 2025-2026中 期 報 告 2456111217181921222447 *202511 26 • GBSJP GBSJP Clarendon House2 Church StreetHamilton HM 11Bermuda GBSJP 1230 Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11Bermuda * 1617 www.itcproperties.com 199 *202511 26 2025-2026202511 172025-202620266 www.itcproperties.com 1617itcproperties-ecom@vistra.com :info@itcproperties.com:(852) 2835 9500:(852) 2858 2697 7,000,0009,700,000 20249 3085,000,00027,000,00020249 3045,000,00071,300,00020249 3043,900,000 2025355,200,00020249 30106,500,00050%220,400,000 120,700,000504,300,000 2024 119,700,000229,300,00027,000,00071,300,000 10,800,000202493033,000,000 361,800,00021232527 29 3167%202510800,000 2320% 18%Alberni Street 50%220,400,00020249 30225,600,000 20%8 20253 3120243 31136,200,000 20259 3020253 31 20259 3020253 3114,800,00020249 3015,800,000 20259 3060,700,00046%54% 20259 3066,100,00020253 3179,100,000 2,300,00020249 302,300,0003,500,00020249 305,100,0001,100,00020249 307,400,000 20259 30752,700,00017,400,0002,054,000,00020259 300.362025 3310.41691,600,00061,100,000 20259 30752,700,000391,300,000 20,900,000 120,700,00020259 30294,400,0002025930752,700,00017,400,000 (1) (2) (3) 20244391,300,000 (4) 20259 30390,000,000110,000,000860,400,000172,400,000 20259 30(i)50%18%41,300,00020253 3141,300,00086,500,000202533184,100,00084,600,000202533184,600,000141,000,00020253 31137,000,000(ii)20%191,700,00020253 31218,200,000191,700,00020253 31218,200,000 20259 3012120253 31119 20259 30907,198,410 202511 240.7100,800,000202511 252025128202512 11 20259 30XV(i)XV78(ii)352(iii) 1.2.3.20259 304.XV528,948,012(i)191,588,814(ii)76,186,279(iii)261,172,919 (ii)(iii) 20259 30XV(i)XV78(ii)352(iii) 20219 1020219 1020319 910 20219 2816,320,0001.0320224 120259 3025%(i)20224 120259 30(ii)202210120259 30(iii)20234 120259 30(iv)202310120259 3086,297,541 9,720,00020259 301.07% 1.2.3.(i)800,000(ii)300,000 202510 1 20259 30XV23336 1.2.20259 303.261,172,919Record HighRecord HighXVRecord High261,172,919XVGalaxyway476,186,279191,588,814XV528,948,0124.Galaxyway76,186,279XVGalaxyway76,186,279 20259 30XV23336 • 13.51B(1)2024-2025 (ii) (iii) 13.51B(1) 9 2025930 2025930 2025930 1. 34D2 20259 30144,425,000294,358,0002025930752,715,00017,392,0001820259 30391,300,000 (i) (ii) (iii) 20244391,300,000 2025930 1. 2. 20259 3020253 31 202541 21 2025930 3. –––– 3. 2025930 3. (a)(b)(c)20259 3027,000,00020249 3045,000,0007,293,00020249 3011,525,00065,507,00071,280,000202493040,425,00043,940,000 3. •• 4. 5. 2025930 6. 2,000,0008.25%2,000,00016.5%16.5% 7. 8. 20259 3020249 30 2025930 9. 20202520249 30 10. 27,000,00020259 3020249 3045,000,000 20259 3020253 31 2025930 2025930 2025930 12. (i)1488 Alberni LPDH1488 Alberni LPI1488 Alberni LPDH1488 Alberni LPI(ii)20124 11More Cash LimitedMore CashMore Cash(iii)20249 30Bayshore Ventures JV Ltd.50%18,500,000106,781,000220,408,000 2025930 (i)(ii)Quota capital(iii)20259 3020253 3159.5%8.7%35.5%(iv) 2025930 14. 20259 302025331354,300,000 20259 30361,800,000354,300,000202510800,000 15. 2025930 15. 163 (i)(ii)(iii) 2025930 15. (a)20259 3020253 31320,000,00020253 31320,000,0009.520253 319.5201911272020620212 851,410,000202533151,410,00033,674,00020253 3133,674,00071220253 31712 (b)20259 3020253 319,025,00029,923,00020253 3129,904,000720253 317202491320259 30 (c)20259 3014,658,00020253 3118,670,00014,578,00020253 3114,578,000220253312 20259 30520253 3157.1820253 317.6120259 3019,00020249 306,361,000 60202533160 2025930 16. 20259 301,115,00020249 301,012,00021,739,000 17. 20259 30209,670,0002025331221,080,000 18. 20259 3019,000,00020249 30248,000,000193,548,0002024930438,425,000 20259 30391,300,000 20259 305.9213.1320253 315.8313.25 2025930 19. 20244 120249 3020254 120259 30 20. 20219 1020219 1020319 910 20219 2816,660,0000.516,320,00020259 302024930 20219 281,175,000990,000152,000 1.011.0326.85%40.66%3.96% 2025930 20. (ii)300,000 2025930 20259 3020253 31 22. ••• 2025930 22. 2025930 22. 2025930 24. 20259 30319,510,00020253 31343,481,000 20259 3020253 31 2025930 25. (i) (ii) %